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Our Bureau

Bangalore, Jan. 17

Canara Bank has hiked term deposit rates by 50-100 basis points in a bid to accelerate deposit mobilisation efforts.

According to a bank release, the revised rates for deposits of 180 days and above to less than one year, one year and above to less than two years, two years and above is 7per cent, 8per cent and 8.50 per cent respectively.

The changed slabs indicate that the interest rates on offer for periods above two years is 8.5 per cent, implying that the bank is interested in medium and long term funds as opposed to short-term funds.

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